Vaxart, a clinical-stage biotechnology company developing a range of oral recombinant pill vaccines based on its proprietary delivery platform, announced that it received a decision letter (the “Letter”) from the Nasdaq Hearings Panel (the “Panel”) on August 27, 2025, granting the Company’s request to effect a plan to regain compliance with The Nasdaq Stock Market’s LLC (“Nasdaq’s”) minimum bid price requirement.
The grant of the Company’s request for continued listing on Nasdaq is subject to the following conditions: (i) On or before September 5, 2025, the Company shall obtain stockholder approval for a reverse stock split (“RSS”); (ii) On or before October 6, 2025, the Company shall complete a RSS; and (iii) On or before October 17, 2025, the Company shall demonstrate compliance with Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”).
At the hearing, held on August 14, 2025, Vaxart’s senior management, advisors and outside counsel outlined the Company’s background and compliance plan for the Panel. With respect to its Bid Price Rule deficiency, the Company highlighted changes to its RSS proposal, including narrowing the proposed range for the RSS ratio, reducing the number of authorized shares, and a communication plan to gain the support of stockholders.
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The Company continues to conduct direct engagement with stockholders to answer their most frequently asked questions. Vaxart addressed many of these questions during a virtual fireside chat on August 20, 2025, and interested investors can listen to a replay here.
“We appreciate Nasdaq for recognizing our continued efforts to regain compliance and granting us an extension. In this challenging environment for vaccine companies, our Nasdaq listing is crucial for our future success, and this positive outcome hinges on a successful reverse stock split. We have spoken to many of our stockholders and now it is up to them to vote to secure our future on Nasdaq. We hope we can count on their support,” said Steven Lo, Chief Executive Officer of Vaxart.
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
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